Core Viewpoint - Boeing has resumed aircraft deliveries to Chinese airlines, marking a significant step in the recovery of its operations in China after a prolonged hiatus due to trade tensions [1] Group 1 - Boeing delivered a new 787-9 aircraft to Juneyao Airlines, indicating a restart of deliveries to Chinese carriers from its U.S. headquarters [1] - Prior to this delivery, Chinese airlines had suspended acceptance of Boeing aircraft due to the impact of the U.S.-China trade war [1]

Core Viewpoint - The recent performance of Shanghai Airlines shows a mixed trend in operational metrics, with a notable increase in international travel while domestic metrics decline. The company's stock has experienced a slight decrease, and the pledging of shares by the controlling shareholder raises some attention but is deemed manageable. Group 1: Stock Performance - As of June 13, 2025, Shanghai Airlines' stock closed at 13.56 yuan, down 2.02% from the previous week [1] - The stock reached a weekly high of 14.48 yuan on June 10 and a low of 13.4 yuan on June 13 [1] - The current market capitalization is 29.819 billion yuan, ranking 7th in the aviation sector and 490th among A-shares [1] Group 2: Share Pledge Information - The controlling shareholder, Junyao Group, holds 1,020,862,080 shares, representing 46.42% of the total shares, with 81,275,000 shares pledged, accounting for 79.61% of their holdings and 36.96% of total shares [1] - Junyao Group has unpledged and re-pledged 33 million shares, with the pledge set to expire on June 11, 2026, to secure debt obligations [1] - The upcoming six months will see 12,850,000 shares maturing, which is 12.59% of Junyao Group's holdings and 5.84% of the total shares, with a corresponding financing balance of 950 million yuan [1] Group 3: Operational Data - In May 2025, the combined operational data for Shanghai Airlines and its subsidiary, Jiuyuan Airlines, showed a 0.46% year-on-year increase in passenger capacity, with domestic capacity down 11.38% and international capacity up 50.11% [2] - Passenger turnover increased by 4.97% year-on-year, with domestic turnover down 7.61% and international turnover up 66.68% [2] - The passenger load factor was 86.14%, reflecting a 3.70% year-on-year increase [2] - New routes include a round-trip service from Hangzhou to Huizhou to Haikou, operating 7 flights per week [2]

Group 1 - Company GuoDeWei plans to repurchase shares with a total investment of between 100 million to 150 million yuan, with a maximum repurchase price of 53 yuan per share, expecting to buy back between 1.89 million to 2.83 million shares, accounting for 0.78% to 1.17% of total share capital [1] - Company Shuangliang Energy has won a bid for the Gansu Energy Chemical Qinyang 2×660MW coal power project, with a total bid amount of 237 million yuan, representing 1.82% of the company's projected revenue for 2024 [1] - Company China Pacific Insurance reported a total premium income of 227.17 billion yuan from its two subsidiaries in the first five months, with a year-on-year growth of 10.2% for its life insurance subsidiary and 0.5% for its property insurance subsidiary [1][2] Group 2 - Company LuKang Pharmaceutical has received a drug registration certificate for injectable Cefoperazone Sodium, a third-generation cephalosporin with broad-spectrum antibacterial properties [3] - Company 吉祥航空 reported a 4.97% year-on-year increase in passenger turnover in May, with a seat occupancy rate of 86.14%, up 3.70% year-on-year [4][5] - Company DuRui Pharmaceutical's subsidiary has also received a drug registration certificate for injectable Cefoperazone Sodium [6] Group 3 - Company KeLan Software announced that part of the shares held by its controlling shareholder will be auctioned, involving 5.09 million shares, accounting for 1.07% of the total share capital [7] - Company HuaCan Optoelectronics received a government subsidy of 87.84 million yuan, which is expected to positively impact the company's pre-tax profit for 2025 [8] - Company JinZhi Technology has won a bid for projects from the State Grid and China Resources New Energy, with a total bid amount of 84.41 million yuan [9] Group 4 - Company Vision China completed a capital increase for its subsidiary, raising 100 million yuan to accelerate its layout in the AI field [11] - Company Youa Co. received a profit distribution of 96.03 million yuan from its investment in Changsha Bank [13] - Company WanBangde's subsidiary obtained a patent for a deuterated compound, enhancing the chemical stability and reducing toxicity [16] Group 5 - Company DongCheng Pharmaceutical completed the enrollment of all 488 participants in the Phase III clinical trial for Fluorine-18 PSMA peptide injection, aimed at prostate cancer diagnosis [17] - Company China Merchants Expressway announced that its first phase of medium-term notes for 2024 will pay interest on July 2, 2025, with a total issuance of 2.5 billion yuan and an interest rate of 2.35% [18] - Company JinPu Titanium's subsidiary has temporarily suspended production for maintenance due to falling product prices and high production costs [20] Group 6 - Company BeiLu Pharmaceutical received a marketing authorization for Iodinated Contrast Injection in Hungary, marking another approval in the EU [22] - Company LiXing Co. obtained an overseas investment certificate for its wholly-owned subsidiary in Singapore, with a total investment of 2.16 million yuan [24] - Company LangKun Technology won a garbage collection service project with a bid amount of 21.57 million yuan [26] Group 7 - Company KeRui International plans to transfer 55% of its subsidiary Tianjin ZhiRui's equity for 41.96 million yuan [28] - Company Nanjing JuLong intends to invest 130 million yuan to build a production project for special materials with an annual output of 40,000 tons [30] - Company NanShan Intelligent plans to use up to 50 million yuan of idle funds for cash management in safe and liquid financial products [32] Group 8 - Company GuangLian Aviation completed the business change registration for its subsidiary, involving the introduction of strategic investors [34] - Company XiaoFang Pharmaceutical signed a cooperation agreement to develop a new drug for hair loss treatment [36] - Company GuiZhou SanLi plans to sign a 150 million yuan technology transfer and development contract with Guangdong Pharmaceutical University [38] Group 9 - Company ST SiLong's subsidiary received a drug registration certificate for Famotidine injection, used for treating upper gastrointestinal bleeding [52] - Company ZhongKe Information's executive plans to reduce holdings of up to 180,000 shares, accounting for 0.06% of total share capital [53] - Company KeLun Pharmaceutical's injectable Cefoperazone Sodium/Chloride Sodium injection received drug registration approval [54] Group 10 - Company LuXin Investment plans to transfer 10.06% of its stake in LuXin HuiJin for 203 million yuan, aiming to focus on its main business [56] - Company Western Gold plans to acquire 100% of Xinjiang MeiSheng for 1.655 billion yuan [58] - Company JinTou City Development intends to swap assets worth 5.862 billion yuan, changing its main business to urban centralized heating [60]

Core Viewpoint - Shanghai Juneyao Airlines Co., Ltd. reported operational data for May 2025, highlighting significant changes in passenger traffic and capacity across domestic, international, and regional routes, with a notable increase in international operations [1][2]. Operational Performance - Domestic passenger capacity decreased by 11.38%, while international capacity increased by 50.11%, and regional capacity fell by 34.91% [1]. - Passenger turnover (measured in revenue passenger kilometers) rose by 4.97% year-on-year, with domestic turnover down by 7.61%, international up by 66.68%, and regional down by 28.46% [1]. - The overall passenger load factor was 86.14%, an increase of 1.46% year-on-year [1]. Capacity Metrics - Available ton kilometers (ATK) for domestic routes decreased by 12.97% to 37,756.43 million ton kilometers, while international routes saw a 64.45% increase to 20,548.55 million ton kilometers [1]. - Available seat kilometers (ASK) for domestic routes fell by 11.38% to 332,689.08 million seat kilometers, while international routes increased by 50.11% to 139,659.43 million seat kilometers [1]. - Available freight ton kilometers (AFTK) for domestic routes decreased by 22.25% to 7,816.48 million ton kilometers, while international routes increased by 91.98% to 7,979.26 million ton kilometers [1]. Fleet Information - As of May 31, 2025, the company operated 93 A320 series aircraft and 9 Boeing 787 series aircraft, while its subsidiary, Juneyao Airlines, operated 27 Boeing 737 series aircraft [3]. - The fleet includes 34 A320 series aircraft purchased, 5 Boeing 787 series aircraft purchased, and 24 A320 series aircraft under financial leasing [3][5].

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-045 上海吉祥航空股份有限公司 2025 年 5 月主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海吉祥航空股份有限公司（以下简称"吉祥航空"或"公司"）及所属子 公司九元航空有限公司（以下简称"九元航空"）2025 年 5 月份合并主要运营 数据： （一）运营情况 2025 年 5 月，公司客运运力投入（按可用座位公里计）同比上升 0.46%，其 中国内、国际和地区航线客运运力投入同比变动分别为-11.38%、50.11%和-34.91%； 旅客周转量（按收入客公里计）同比上升 4.97%，其中国内、国际和地区航线旅客 周转量同比变动分别为-7.61%、66.68%和-28.46%；客座率为 86.14%，同比上升 3.70%，其中国内、国际和地区航线客座率同比变动分别为 3.62%、7.97%和 7.84%。 2025 年 5 月，公司国内客运运力投入（按可用座位公里计）较上月环比上 升 1.46%，国内旅客周转量（按收入客公里计） ...

证券代码：603885 证券简称：吉祥航空 公告编号：临 2025-044 上海吉祥航空股份有限公司 公司于近日收到公司控股股东均瑶集团通知，获悉其将所持有公司的部分股 份办理了解除质押及质押业务，具体事项如下： 一、本次股东股份解除质押基本情况： 注：若有尾差，则是因四舍五入所致。 二、本次股东股份质押基本情况： 单位：万股 股东 名称 持股数量 持股比 例 本次解除 质押股数 占其所 持股份 比例 占公 司总 股本 比例 解除日期 质权人 剩余被质 押股份数 量 剩余被质押 股份数量占 其所持股份 比例 剩余被质押 股份数量占 公司总股本 比例 均瑶 集团 102,086.21 46.42% 3,300 3.23% 1.50% 2025 年 6 月 11 日 兴业银行 股份有限 公司上海 浦东支行 77,975 76.38% 35.46% 合计 - - 3,300 3.23% 1.50% - - 77,975 76.38% 35.46% 注：若有尾差，则是因四舍五入所致。 关于控股股东股份解除质押及质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真 ...

严格签派放行，科学决策保障飞行安全。吉祥航空要求，飞行签派员严格执行运行标准，确保起降机场 及航路天气符合安全要求，否则不予放行。航班预达前1小时，签派员都会动态监控目的地天气，使用 飞机通信寻址与报告系统（ACARS）或卫星电话向机组实时通报险情。公司还针对洲际航线，提出扩 大备降场选择范围，优先选择保障能力更强的远距离机场。 《中国民航报》、中国民航网 记者胡夕姮 通讯员陈之豪报道：近日，随着全国各地陆续进入雷雨多发 期，吉祥航空组织飞行、运控、工程、客舱等生产运行部门，围绕气象研判、签派放行、油量管控、飞 行协同及航空器保障等关键环节，以"安全第一"为核心理念提前部署，制定了全链条风险防控举措，以 全力保障雷雨季节航班运行安全平稳，为旅客构建"云端"安全屏障。 精准气象研判，动态预警化解潜在风险。吉祥航空运行控制中心（AOC）通过分析多源气象数据，动 态监控航路及机场天气变化，建立起分级预警机制（提示/警报），为航班决策提供科学依据。每日20 时，AOC会预判次日危险天气区域及时段，梳理出受影响的航站和航班清单，制作天气晚报、早报， 并向签派员讲解天气趋势及潜在影响。针对高风险航班，公司总值班则牵头组织 ...

Core Insights - The demand for pet travel has surged since 2025, prompting domestic airlines to introduce "pet in cabin" services as a new revenue strategy to counter declining passenger yields [1][3] - The "pet in cabin" service is not only enhancing airline revenues but also expanding the "civil aviation + pet" service industry chain into areas such as quarantine, insurance, and tourism [1][13] - Challenges remain in balancing pet safety, passenger experience, and regulatory frameworks, which are crucial for the future normalization of "pet-friendly flights" [1][15] Airline Initiatives - Multiple airlines, including Hainan Airlines, China Southern Airlines, and Eastern Airlines, have initiated or upgraded their "pet in cabin" services since 2025, reflecting a growing trend in the industry [3][5] - Hainan Airlines was the first to launch this service in 2018 and has since expanded its offerings, including a new "pet seat" service [3][5] - The pricing for "pet in cabin" services varies, with fees generally under 1500 yuan, and can reach up to 2000 yuan depending on additional seat purchases [7][8] Market Demand and Trends - The pet economy in China is experiencing significant growth, with a market size of 592.8 billion yuan in 2023, projected to reach 1.15 trillion yuan by 2028 [13] - Social media discussions indicate high consumer interest in pet travel services, with 370,000 related posts on platforms like Xiaohongshu [4] - The shift in consumer perception of pets as family members is driving increased spending on pet-related services, including travel [13] Revenue Generation - The introduction of "pet in cabin" services allows airlines to tap into high-value consumer segments, enhancing revenue streams amid declining passenger yields [9][12] - Airlines can charge additional fees for extra seating for pets, significantly increasing potential revenue per flight [8][9] - The average ticket price for economy class has dropped over 10%, making the "pet in cabin" service a strategic move to boost profitability [8] Industry Challenges - Current regulations regarding pet size and breed restrictions pose challenges for the implementation of "pet in cabin" services [15] - Airlines must ensure a balance between the needs of pet owners and other passengers, addressing concerns such as allergies and fears of animals [15] - Safety protocols for pets during flights, including vaccination checks and secure transport containers, are essential for maintaining operational integrity [15][16]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The shipping rates on the Asia-Brazil route have surged by 100% due to a shortage of available vessels and containers, with rates reaching $3,300 per container [2][12] - The global new ship order volume has dropped to a four-year low, with only 439 vessels ordered in the first four months of 2025, a significant decrease from 980 vessels in the same period of 2024 [2][13] - During the Dragon Boat Festival in 2025, civil aviation passenger volume reached 5.63 million, with a total of 101 new international air cargo routes opened in the first five months [2][14] - The express delivery industry saw a 15.4% year-on-year increase in package volume during the Dragon Boat Festival, with a total of 1.511 billion packages collected nationwide [2][21] Summary by Sections 1. Industry Hot Events - The Asia-Brazil shipping rates increased by 100% due to a shortage of vessels and containers, influenced by trade policies and seasonal demand [12] - The civil aviation passenger volume during the Dragon Boat Festival reached 5.63 million, with 101 new international air cargo routes opened [14] - The express delivery industry experienced a 15.4% year-on-year growth in package volume during the Dragon Boat Festival [21] 2. High-Frequency Data Tracking - In May 2025, domestic cargo flight operations decreased by 6.76%, while international flights increased by 26.98% [33] - The shipping price index for domestic trade decreased, while dry bulk freight rates increased [41] - The express delivery business volume in April 2025 rose by 19.10% year-on-year, with revenue increasing by 10.80% [52] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, China Southern Airlines, and Spring Airlines [4]

Investment Rating - The industry investment rating is "Overweight" [2][4] Core Insights - The report highlights a long-term logic for a "super cycle" in the Chinese aviation industry, driven by sustained demand and a low growth supply environment. The report suggests that the industry is entering a phase of low supply growth while demand continues to grow steadily [2][4] - The report anticipates a gradual recovery in supply and demand from 2023 to 2024, with ticket prices expected to rise as demand strengthens. By 2025-2026, the report predicts further improvements in supply-demand dynamics, leading to increased profitability for airlines [4][9] - The report emphasizes the importance of strategic positioning during this low growth phase, recommending an overweight position in high-quality airline networks such as China National Aviation, Spring Airlines, and others [4][9] Summary by Sections Supply and Demand Dynamics - The report notes that the supply side is entering a low growth era, influenced by internal factors such as airspace constraints and a slowdown in fleet expansion plans by airlines. External factors include slow recovery in aircraft manufacturing post-pandemic [4][9] - Demand is expected to remain robust, driven by a growing aviation population and the release of pent-up demand, transitioning into a new normal by 2023-2024 [4][9] Pricing and Profitability - The report indicates that ticket prices have become largely market-driven, with expectations for price increases as demand recovers. The combination of rising ticket prices and declining oil prices is projected to accelerate profitability recovery for airlines [4][9] - The report forecasts that by 2025, airlines will experience a significant recovery in profitability, with expectations for improved performance during peak travel seasons [4][9] Strategic Recommendations - The report advises investors to focus on long-term opportunities in the aviation sector, particularly in high-quality airline networks. It recommends an overweight position in specific airlines such as China National Aviation, Southern Airlines, and Spring Airlines [4][9]